Will optimism for the US economy continue to support the US Dollar?

About Setyo Wibowo:

Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

About Me My Articles

EURUSD Outlook

Yesterday EURUSD failed to break 1.5350 support (38.2 % Fibonacci retracement from 1.4450 to 1.5904). Although this fact keep the bullish trend intact, the correctional downward movement could not be said to be complete. Today, EURUSD might be testing that level again.

Chart #1

EURUSD Daily Support and Resistance:

• S1 = 1.5366
• S2 = 1.5297
• S3 = 1.5253
• R1 = 1.5479
• R2 = 1.5523
• R3 = 1.5592

GBPUSD Outlook

Unable to break 1.9743 support, the GBPUSD find a new resistance at 1.9895 (06/03/08 low). A break upside could trigger movement to 1.9950 area (see red lines
in chart #2). The CCI has crossed the psychological -100 level up. Very tricky for me.

Chart #2

GBPUSD Daily Support and Resistance:

• S1 = 1.9797
• S2 = 1.9718
• S3 = 1.9678
• R1 = 1.9916
• R2 = 1.9956
• R3 = 2.0035

USDJPY Outlook

The USDJPY has break the 100.62 resistance (38.2 Fibonacci retracement from 108.60 to 95.73) and now aiming for 102.17 (50 % Fibonacci retracement, see red
lines in chart #3). Although the bearish momentum still intact, but it seems to losing power now.

Chart #3

USDJPY Daily Support and Resistance:

• S1 = 99.65
• S2 = 98.75
• S3 = 98.13
• R1 = 101.17
• R2 = 101.79
• R3 = 102.69

USDCHF Outlook

Yesterday the USDCHF break the key level 1.0197 (38.2% Fibonacci retracement from 1.1096 to 0.9636). The continued optimism for the US economy rising among market players could bring USDCHF upside towards 50% Fibonacci retracement (see chart #4).

Chart #4

USDCHF Daily Support and Resistance:

• S1 = 1.0258
• S2 = 1.0327
• S3 = 1.0407
• R1 = 0.9985
• R2 = 1.0123
• R3 = 1.0298